中鋼公司 (China Steel Corporation)**

Date: 2025年6月24日

目錄 (Table of Contents)

• 01 鋼鐵與原料市場分析 (Steel and Raw Material Market Analysis)
• 02 營運績效表現 (Operating Performance)
• 03 中鋼經營發展策略重點介紹 (Key Introduction to CSC's Business Development Strategy)
• 04 附錄 (Appendix)

投資安全聲明 (Investment Safety Statement)

本文件可能包含「前瞻性陳述」,除簡報內所提供之歷史資訊外,前瞻性陳述的實例包括(但不限於)未來展望、預測及估算等預期性之陳述。前瞻性陳述乃基於管理階層的信念及對於未來事件的目前看法。這些看法受到風險及不確定性因素影響,可能造成實際結果與陳述內容發生顯著不符。本文件所做出的任何前瞻性陳述僅於陳述日當日適用。投資者不應過分依賴該等前瞻性陳述。對於這些看法,除法規規定外,未來若有任何變更或調整時,本公司並不負責隨時提醒或更新。本節所述的警告聲明適用於本簡報所載的所有前瞻性陳述。

01 鋼鐵與原料市場分析 (Steel and Raw Material Market Analysis)

台幣升值影響評估 (NTD Appreciation Impact Assessment)

• 匯率變動 (Exchange Rate Changes)
  • 5月平均匯率升/貶 (相對於2025.04.30) (May Average Exchange Rate Appreciation/Depreciation (vs. 2025.04.30)):
    • 新台幣 (NTD): 5.60%
    • 韓元 (KRW): 2.40%
    • 泰銖 (THB): 2.10%
    • 印尼盾 (IDR): 1.50%
    • 馬來西亞幣 (MYR): 1.10%
    • 新加坡元 (SGD): 0.90%
    • 人民幣 (RMB): 0.40%
    • 菲律賓披索 (PHP): 0.20%
    • 越南盾 (VND): -0.60%
    • 日圓 (JPY): -2.20%
  • 1~5月平均匯率升/貶 (相對於2024.12.31) (Jan-May Average Exchange Rate Appreciation/Depreciation (vs. 2024.12.31)):
    • 新台幣 (NTD): 4.60%
    • 韓元 (KRW): 2.00%
    • 泰銖 (THB): 1.60%
    • 印尼盾 (IDR): 1.10%
    • 馬來西亞幣 (MYR): 1.00%
    • 新加坡元 (SGD): 0.70%
    • 人民幣 (RMB): 0.40%
    • 菲律賓披索 (PHP): 0.20%
    • 越南盾 (VND): -1.40%
    • 日圓 (JPY): -0.60%
• 影響分析 (Impact Analysis)
  • 台幣5月累積升值幅度高於其他亞幣,引發外銷業者憂慮。(NTD's cumulative appreciation in May was higher than other Asian currencies, causing concern among exporters.)
  • 美國總統川普引發之貿易風險、美國降息可能性及其財政壓力,使美元後市仍看跌。(US President Trump's trade risks, potential US interest rate cuts, and fiscal pressure make the USD outlook still bearish.)
• 成本端 (Cost Side)
  • 升值有利降低煤鐵採購成本,然因既有庫存因素,成本降幅將延後反應。(Appreciation is beneficial for reducing coal and iron procurement costs, but due to existing inventory factors, the cost reduction will be delayed.)
• 銷售端 (Sales Side)
  • 建築業屬內需市場,受匯率影響相對小;機械、扣件、輸油管及其他加工外銷產業,台幣走強不利與鄰近國家(如日、韓)競爭。(The construction industry is a domestic demand market, less affected by exchange rates; for machinery, fasteners, oil pipelines, and other processing and export industries, a stronger NTD is unfavorable for competition with neighboring countries (e.g., Japan, Korea).)
  • 進口料價格競爭力瞬間拉升,將持續密切關注進口數量變化。(The price competitiveness of imported materials instantly increased, and changes in import volumes will continue to be closely monitored.)
• 應對方式 (Response Strategy)
  • 依個別產業特性,考量下游接單競爭力,訂定適宜價格。(Set appropriate prices based on the characteristics of individual industries and considering the order-taking competitiveness of downstream customers.)

重點鋼鐵市場動態 (Key Steel Market Dynamics) (截至2025.6.13)

• 美國 (US)
  • 6/4起,除英國外,進口鋼鋁232關稅從25%增至50%。雖有望推升美國鋼價,惟目前當地將進入用鋼淡季,終端用戶普遍對現貨採購持謹慎態度,僅依需求採購。(Starting 6/4, except for the UK, import tariffs on steel and aluminum (Section 232) increased from 25% to 50%. Although this is expected to push up US steel prices, the local market is currently entering the off-season for steel consumption, and end-users generally maintain a cautious attitude towards spot purchases, only purchasing as needed.)
  • 美國熱軋流通行情 (US Hot Rolled Coil Market Price): 北美EXW ($/MT) (Fastmarkets) - Current: 953 $/MT.
• 歐洲 (Europe)
  • 歐盟揚言回敬美國調升鋼鐵關稅,可能衝擊歐洲用鋼產業及整體市況,下游採購進口料的意願亦有限。雖低價進口料流入數量降低,惟用鋼需求不佳,整體行情低位持平。(The EU threatened to retaliate against US steel tariff increases, which could impact the European steel-consuming industry and overall market conditions. Downstream willingness to purchase imported materials is also limited. Although the inflow of low-priced imported materials has decreased, steel demand is weak, and overall market prices remain flat at low levels.)
  • 南北歐熱軋流通行情 (North and South Europe Hot Rolled Coil Market Price): 南歐EXW($/MT) (Fastmarkets), 北歐EXW($/MT) (Fastmarkets) - Current Range: 669~685 $/MT.
• 東協 (ASEAN)
  • 東南亞熱軋市場持續受中國低價料與需求疲軟夾擊,且美國將鋼鋁關稅拉高至50%,影響客戶補庫意願,多數客戶僅按需採購,市場以觀望氛圍為主。(The Southeast Asian hot rolled coil market continues to be squeezed by low-priced Chinese materials and weak demand, and the US raising steel and aluminum tariffs to 50% affects customers' willingness to replenish inventory. Most customers only purchase as needed, and the market is dominated by a wait-and-see atmosphere.)
  • 越南熱軋進口行情 (Vietnam Hot Rolled Coil Import Price): 越南進口價CFR($/MT) (Fastmarkets) - Current: 473 $/MT.
• 中國大陸 (Mainland China)
  • 中國4月粗鋼產量8,602萬噸,與去年持平;14月產量3.45億噸,年增0.4%。4月鋼材出口1,046萬噸,與上月持平,14月出口3,789萬噸,年增8.2%。(China's crude steel output in April was 86.02 million tons, flat year-on-year; Jan-Apr output was 345 million tons, up 0.4% year-on-year. Steel exports in April were 10.46 million tons, flat month-on-month; Jan-Apr exports were 37.89 million tons, up 8.2% year-on-year.)
  • 5月製造業PMI回升至49.5,月增0.5個百分點,但仍低於50榮枯線。中美雙方5月中達成90天關稅暫緩協議,但美方隨後擬推技術出口管制,中方已警告將採取反制行動。(The manufacturing PMI in May rebounded to 49.5, up 0.5 percentage points month-on-month, but still below the 50-point expansion/contraction line. China and the US reached a 90-day tariff truce in mid-May, but the US subsequently planned to impose technology export controls, and China warned of countermeasures.)
  • 中國人行5月推出寬鬆貨幣政策,主要措施包括:下調政策利率10個基點;下調結構性貨幣政策工具利率25個基點;下調存款準備金率50個基點;設立新的再貸款工具用於支持消費;為房地產市場提供更多支援等。為調節外部挑戰、擴大內需,下半年刺激政策有望繼續加碼。(The People's Bank of China launched loose monetary policies in May, including: lowering policy interest rates by 10 basis points; lowering structural monetary policy tool interest rates by 25 basis points; lowering the reserve requirement ratio by 50 basis points; establishing new re-lending tools to support consumption; and providing more support for the real estate market. To address external challenges and expand domestic demand, stimulus policies are expected to intensify in the second half of the year.)
• 台灣 (Taiwan)
  • 鋼構業以內需市場為主,央行信用管制與房貸利率上漲抑制房市動能,然公共工程與半導體廠房支撐需求,Q3鋼構用鋼板需求與Q2持穩。(The steel structure industry is mainly driven by domestic demand. The central bank's credit controls and rising mortgage interest rates suppress real estate market momentum, but public works and semiconductor factory construction support demand. Q3 demand for steel plates for steel structures remains stable compared to Q2.)
  • 出口導向產業逢美國關稅與台幣升值雙重挑戰,復甦期間恐需延長。扣件業雖相對中國遭加徵301關稅(25%)及額外關稅(20%)下,仍具相對優勢,惟貿易保護主義升溫和關稅政策不確定性,壓抑復甦動能。(Export-oriented industries face the dual challenges of US tariffs and NTD appreciation, and the recovery period may be extended. Although the fastener industry has a relative advantage compared to China, which faces additional Section 301 tariffs (25%) and extra tariffs (20%), rising trade protectionism and tariff policy uncertainties suppress recovery momentum.)
  • 近期川普政府突發式調高鋼鐵232關稅至50%,國內單軋及API為主要銷美產業,額外關稅已影響當地終端用戶後續採購進口料的意願。(The recent sudden increase in US Section 232 tariffs on steel to 50% by the Trump administration has affected the willingness of local end-users to purchase imported materials for domestic single-rolling and API (American Petroleum Institute) industries, which are major exporters to the US.)

未來展望 (Future Outlook)

• 基本面 (Fundamentals): 全球經濟成長面臨下修風險 (Global economic growth faces downside risks)
• 政策面 (Policy): 關稅、反傾銷等貿易壁壘 (Tariffs, anti-dumping, and other trade barriers)
• 成本面 (Costs): 煤鐵行情偏弱成本支撐線平穩 (Coal and iron prices are weak, cost support line is stable)
• 價格面 (Prices): 歐、美、亞鋼價弱勢盤整 (European, US, and Asian steel prices are weak and consolidating)
• 供給面 (Supply): 中國鋼廠控產供給面壓力未惡化 (Chinese steel mills control production, supply-side pressure has not worsened)
• 需求面 (Demand): 製造業需求平淡 (Manufacturing demand is weak)
• 總結 (Summary):
  • 全球關稅保護及供應鏈布局改變,將影響企業投資及生產成本,左右全球景氣及物價波動。(Global tariff protection and supply chain layout changes will affect corporate investment and production costs, influencing global economic conditions and price fluctuations.)
  • 國際局勢未明影響製造業用鋼需求,惟中國提振消費行動方案及鋼鐵減產政策,如有效推動可望帶動市場供需結構回穩。(Uncertain international situation affects steel demand from manufacturing, but China's consumer stimulus plans and steel production reduction policies, if effectively implemented, are expected to stabilize market supply and demand structure.)

原料走勢-鐵礦及冶金煤 (Raw Material Trends - Iron Ore and Coking Coal)

• 煤礦 (Coal): 2025年Q1澳洲煤礦因供應充足,價格緩步下跌;隨澳洲強降雨影響礦商營運及出貨,現貨價格自4月起回升。(In Q1 2025, Australian coal supply was ample, and prices slowly declined; following heavy rainfall in Australia affecting miners' operations and shipments, spot prices started to rebound from April.)
• 鐵礦 (Iron Ore): 2025年初因預期中國將推經濟刺激政策及鋼價回升帶動,鐵礦價格上漲;Q2以來受美國關稅戰不確定性影響,以及季節性需求變化,鐵礦價格走勢偏弱震盪。(In early 2025, iron ore prices rose due to expectations of China's economic stimulus policies and a rebound in steel prices; since Q2, affected by the uncertainty of the US tariff war and seasonal demand changes, iron ore prices have shown a weak and volatile trend.)
• 中鋼進料價格漲跌幅 (相對於2024年9月) (CSC Raw Material Price Fluctuations (vs. Sep 2024)):
  • 鐵礦 (Iron Ore): -4.11% (as of May 2025)
  • 冶金煤 (Coking Coal): 10.14% (as of May 2025)
  • 換算鐵水原料成本 (Converted Hot Metal Raw Material Cost): -18.56% (as of May 2025)

02 營運績效表現 (Operating Performance)

合併財務績效表現 (Consolidated Financial Performance)

• 最新盈餘資訊 (Latest Earnings Information) (單位:新台幣百萬元 - Unit: NTD Million) | 項目 (Item) | *2025年4月 (Apr 2025) | 2025年3月 (Mar 2025) | MoM | *2025年度累計 (YTD 2025) | 2024年度累計 (YTD 2024) | YoY | | :---------- | :------------------ | :------------------ | :-- | :------------------ | :------------------ | :-- | | 營業收入 (Operating Revenue) | 30,242 | 29,296 | 3% | 113,412 | 126,456 | -10% | | 營業利益(損失) (Operating Income (Loss)) | (244) | 376 | -165% | 1,128 | 1,017 | +11% | | 營業利益率 (Operating Margin) | -0.81% | 1.28% | | 0.99% | 0.80% | | | 稅前淨利(損) (Profit (Loss) Before Tax) | (200) | 407 | -149% | 918 | 2,145 | -57% |

  • **自結數 (*Self-reported figures)

• 季度獲利趨勢比較 (Quarterly Profit Trend Comparison) (新台幣百萬元 - NTD Million)

  • 營業利益 (Operating Income):
    • 2024.Q2: 1,304
    • 2024.Q3: -1,223
    • 2024.Q4: 143
    • 2025.Q1: 1,118
  • 稅前淨利 (Profit Before Tax):
    • 2024.Q2: 2,020
    • 2024.Q3: 936
    • 2024.Q4: 1,372
    • 2025.Q1: 1,118
  • 營業利益率 (Operating Margin):
    • 2024.Q2: 1.38%
    • 2024.Q3: -1.43%
    • 2024.Q4: 1.09%
    • 2025.Q1: 1.65%
  • 分析 (Analysis):
    • 2024年下半年鋼市先弱後穩,Q3獲利受壓,Q4隨原料成本下降與中能發電獲利挹注,獲利表現回溫。(In H2 2024, the steel market was initially weak then stabilized, Q3 profits were under pressure, Q4 profits rebounded due to falling raw material costs and contributions from China Steel Power Generation.)
    • 2025Q1鋼品售價小幅提升且成本下降,獲利持續好轉。(In Q1 2025, steel product prices slightly increased and costs decreased, leading to continued improvement in profitability.)

中鋼個體生產/銷售表現 (CSC Individual Production/Sales Performance)

• 銷售量分析 (Sales Volume Analysis) (萬噸 - 10,000 tons)

  • 銷售量 (Sales Volume):
    • 2024.Q2: 198.0
    • 2024.Q3: 186.9
    • 2024.Q4: 175.7
    • 2025.Q1: 178.1
  • 內銷比例 (Domestic Sales Ratio):
    • 2024.Q2: 53%
    • 2024.Q3: 59%
    • 2024.Q4: 63%
    • 2025.Q1: 63%
  • 分析 (Analysis):
    • 2024年下半年鋼市需求疲弱,外銷量受國際競爭壓力影響下滑,加上10月連假與颱風影響工作天數,銷量減少。(In H2 2024, steel market demand was weak, export volumes declined due to international competitive pressure, and sales decreased due to fewer working days in October from holidays and typhoons.)
    • 2025Q1受美國取消他國鋼品關稅豁免及俄烏有望和談等正面消息激勵,市場氛圍轉趨樂觀,惟逢農曆年工作天數較少,銷量僅小幅增加。(In Q1 2025, the market sentiment became more optimistic, boosted by positive news such as the US revoking steel tariff exemptions for other countries and potential Russia-Ukraine peace talks. However, due to fewer working days during the Lunar New Year, sales only slightly increased.)

• 2025.Q1銷售值分析 (2025.Q1 Sales Value Analysis)

  • 銷售區域 (Sales Region):
    • 內銷 (Domestic Sales): 64%
    • 外銷 (Export Sales): 36%
  • 產品類別 (Product Category) (Domestic Sales):
    • 熱軋 (Hot Rolled): 32.0%
    • 冷軋 (Cold Rolled): 15.0%
    • 塗鍍 (Coated): 17.3%
    • 棒線 (Bar & Wire Rod): 19.9%
    • 鋼板 (Plate): 11.6%
    • 半成品 (Semi-finished): 3.6%

• 生產量分析 (Production Volume Analysis) (萬噸 - 10,000 tons)

  • 粗鋼產量 (Crude Steel Production):
    • 2024.Q2: 205.7
    • 2024.Q3: 203.2
    • 2024.Q4: 190.8
    • 2025.Q1: 172.9
  • 鋼品產量 (Steel Product Production):
    • 2024.Q2: 199.3
    • 2024.Q3: 171.2
    • 2024.Q4: 175.7
    • 2025.Q1: 178.1

銷售分析-中鋼 (Sales Analysis - CSC) 2025年第一季銷售量178萬噸 - 內銷/外銷剖析 (2025 Q1 Sales Volume 1.78 Million Tons - Domestic/Export Analysis)

• 內銷 (Domestic Sales): 62.63% (111萬噸 - 1.11 million tons)

  • 產品構成 (Product Composition):
    • 熱軋 (Hot Rolled): 32.0%
    • 冷軋 (Cold Rolled): 15.6%
    • 塗鍍 (Coated): 17.3%
    • 棒線 (Bar & Wire Rod): 19.9%
    • 鋼板 (Plate): 11.6%
    • 半成品 (Semi-finished): 3.6%
  • 產業別 (Industry Segment):
    • 直接用戶 (Direct Users): 20.0%
    • 單軋業 (Re-rolling Mills): 16.5%
    • 螺絲螺帽業 (Fastener Industry): 16.0%
    • 裁剪業 (Slitting Industry): 13.6%
    • 鋼結構業 (Steel Structure Industry): 11.3%
    • 鋼管業 (Steel Pipe Industry): 5.7%
    • 其他 (Others): 5.7%
    • 車輛業 (Automotive Industry): 5.2%
    • 買賣業 (Trading): 4.2%
    • 手工具業 (Hand Tools): 1.0%
    • 鋼線鋼纜業 (Steel Wire & Cable): 0.6%
    • 造船業 (Shipbuilding): 0.2%

• 外銷 (Export Sales): 37.37% (67萬噸 - 0.67 million tons)

  • 區域別 (Region):
    • 東南亞 (Southeast Asia): 34.8%
    • 歐洲 (Europe): 19.6%
    • 日本 (Japan): 18.3%
    • 中國大陸 (Mainland China): 10.6%
    • 其他 (Others): 16.7%

銷售分析-中鋼+中龍高爐 (Sales Analysis - CSC + Dragon Steel Blast Furnace) 2025年第一季銷售量251萬噸 - 內銷/外銷剖析 (2025 Q1 Sales Volume 2.51 Million Tons - Domestic/Export Analysis)

• 內銷 (Domestic Sales): 61.35% (154萬噸 - 1.54 million tons)

  • 產品構成 (Product Composition):
    • 熱軋 (Hot Rolled): 47.1%
    • 冷軋 (Cold Rolled): 11.1%
    • 塗鍍 (Coated): 12.3%
    • 棒線 (Bar & Wire Rod): 14.1%
    • 鋼板 (Plate): 8.3%
    • 半成品 (Semi-finished): 7.1%
  • 產業別 (Industry Segment):
    • 直接用戶 (Direct Users): 25.8%
    • 單軋業 (Re-rolling Mills): 14.7%
    • 螺絲螺帽業 (Fastener Industry): 11.6%
    • 其他 (Others): 11.5%
    • 裁剪業 (Slitting Industry): 10.7%
    • 鋼管業 (Steel Pipe Industry): 9.0%
    • 鋼結構業 (Steel Structure Industry): 8.5%
    • 車輛業 (Automotive Industry): 3.7%
    • 買賣業 (Trading): 3.2%
    • 手工具業 (Hand Tools): 0.7%
    • 鋼線鋼纜業 (Steel Wire & Cable): 0.4%
    • 造船業 (Shipbuilding): 0.2%

• 外銷 (Export Sales): 38.65% (97萬噸 - 0.97 million tons)

  • 區域別 (Region):
    • 東南亞 (Southeast Asia): 40.1%
    • 日本 (Japan): 22.9%
    • 歐洲 (Europe): 15.3%
    • 中國大陸 (Mainland China): 7.3%
    • 其他 (Others): 14.4%

合併綜合損益表 (Consolidated Statement of Comprehensive Income) (單位:新台幣百萬元 - Unit: NTD Million)

合併財務狀況表現 (Consolidated Financial Position) (單位:新台幣百萬元 - Unit: NTD Million)

• **淨負債 = 付息負債-現金與約當現金-(透過損益按公允價值衡量之金融資產———流動+透過其他綜合損益按公允價值衡量之金融資產———流動) (*Net Debt = Interest-bearing Debt - Cash and Cash Equivalents - (Financial Assets at Fair Value Through Profit or Loss - Current + Financial Assets at Fair Value Through Other Comprehensive Income - Current))
• 分析 (Analysis):
  • 因應利率上升環境,近年透過舉借公司債等國內多重籌資管道,降低財務成本提升之衝擊。(In response to rising interest rates, the company has recently used multiple domestic financing channels, such as corporate bonds, to reduce the impact of rising financial costs.)
  • 信用評等指標 (Credit Rating Indicators):
    • 中華信評 (Taiwan Ratings): 長期twAA- ;展望負向(2025.04.24) (Long-term twAA-; Negative outlook (2025.04.24))
    • 惠譽信評 (Fitch Ratings): 長期AA (twn);展望穩定(2025.04.14) (Long-term AA (twn); Stable outlook (2025.04.14))

歷年每股盈餘與股利配發 (Historical Earnings Per Share and Dividend Distribution) (單位:每股新台幣元 - Unit: NTD per share)

03 中鋼經營發展策略重點介紹 (Key Introduction to CSC's Business Development Strategy)

經營發展雙主軸-10項策略 (Two Main Axes of Business Development - 10 Strategies)

• 主軸一: 高值化精緻鋼廠 (Main Axis One: High-value Refined Steel Mill)
  • 開發精緻鋼品 (Develop Refined Steel Products)
  • 建立優質製造能力 (Establish High-Quality Manufacturing Capability)
  • 提升行銷能力 (Enhance Marketing Capability)
  • 深化用鋼產業升級 (Deepen Steel-Using Industry Upgrading)
• 主軸二: 發展綠能產業 (Main Axis Two: Develop Green Energy Industry)
  • 開發及精進減碳技術 (Develop and Advance Decarbonization Technologies)
  • 深耕綠色產業 (Deeply Cultivate Green Industries)
• 跨領域策略 (Cross-cutting Strategies) (數位轉型 低碳轉型 供應鏈轉型 - Digital Transformation, Low-Carbon Transformation, Supply Chain Transformation)
  • 導入人工智慧物聯網 (Introduce AI IoT)
  • 傳承精進企業文化 (Inherit and Advance Corporate Culture)
  • 邁向高生產力 (Move Towards High Productivity)
  • 驅動高效制度及業務流程 (Drive High-Efficiency Systems and Business Processes)

最適產能及產線整併 (Optimal Capacity and Production Line Integration)

• 最適產能規劃 (Optimal Capacity Planning)
  • 面對全球鋼鐵供給過剩及低價傾銷,加上碳中和時代來臨,經濟結構轉變。中鋼順應潮流從「量」的提升蛻變為「質」的精進,將產線除役或汰弱留強整併,可有效應用資源、降低生產成本,為公司帶來新的營運轉型契機,less is more。(Facing global steel oversupply and low-price dumping, coupled with the advent of the carbon neutrality era and economic structural changes, CSC adapts to the trend by transforming from pursuing "quantity" to "quality" refinement. This involves integrating production lines by decommissioning or strengthening strong ones and phasing out weak ones, effectively utilizing resources, reducing production costs, and bringing new operational transformation opportunities to the company, embodying "less is more".)
  • 以2030年為目標年,對稼動率不足與久齡產線進行整併、封存與產能調節,進行最適產能規劃。(With 2030 as the target year, integrate, mothball, and adjust capacity for underutilized and aging production lines to achieve optimal capacity planning.)
• 產品高值化 (Product Valorization)
  • 資源集中高價值產品,發展精緻鋼品。(Concentrate resources on high-value products, develop refined steel products.)
  • 帶領下游朝高附加價值產品邁進,引領台灣鋼鐵產業升級,價值共創,提升產業競爭力。(Lead downstream industries towards high-value-added products, guide the upgrading of Taiwan's steel industry, co-create value, and enhance industry competitiveness.)
• 資源有效運用 (Efficient Resource Utilization)
  • 產生集中生產效益,有效應用水、電等資源。(Generate concentrated production benefits, effectively utilize water, electricity, and other resources.)
  • 善進社會責任,實現減碳目標。(Fulfill social responsibility, achieve carbon reduction goals.)
• 減少生產成本 (Reduce Production Costs)
  • 提升產線效率,降低製程成本。(Improve production line efficiency, reduce process costs.)
  • 調整組織編制,降低用人成本。(Adjust organizational structure, reduce labor costs.)

最適產能及產線整併 - 執行與效益 (Optimal Capacity and Production Line Integration - Execution & Benefits)

• 執行現況 (Current Status): 已執行停機/封存/除役共6條產線(設備) (6 production lines (equipment) have been shut down/mothballed/decommissioned)
  • 真空吹氧脫碳爐 (Vacuum Oxygen Decarburization Furnace) (83年投產 - commissioned in 1994)
  • 線材一場 (Wire Rod Mill No. 1) (66年投產 - commissioned in 1977)
  • 封盒退火線 (Bell-type Annealing Line) (71年投產 - commissioned in 1982)
  • #1調質重捲線 (#1 Temper Rolling Line) (71年投產 - commissioned in 1982)
  • 電磁鋼片塗覆線 (Electrical Steel Sheet Coating Line) (86年投產 - commissioned in 1997)
  • #1連續退火線 (#1 Continuous Annealing Line) (77年投產 - commissioned in 1988)
• 長期規劃效益估算 (Long-term Planning Benefit Estimation)
  • 產線整併 (Production Line Integration): 煉鐵、煉鋼、軋鋼共26條產線進行檢討整併與減班 (Review and integrate/reduce shifts for a total of 26 ironmaking, steelmaking, and rolling lines.)
  • 調節組織編制 (Adjust Organizational Structure): 編制調節4.07%,降低用人成本約6.06億元/年 (Adjust staffing by 4.07%, reducing labor costs by approximately NTD 606 million/year.)
  • 降低成本 (Reduce Costs): 整併產線提升效率、降低製程成本約13.55億元/年 (Integrating production lines improves efficiency and reduces process costs by approximately NTD 1.355 billion/year.)
  • 減少製程碳排 (Reduce Process Carbon Emissions): 降低製程碳排291.5萬噸CO₂e/年 (Reduce process carbon emissions by 2.915 million tons CO₂e/year.)

開發精緻鋼品 (Develop Refined Steel Products)

• 精緻鋼品定義 (Definition of Refined Steel Products): 具備「高技術含量、高產業效益、高獲利能力」(Possessing "high technical content, high industrial benefits, and high profitability")
• 客戶需求、產業趨勢 (Customer Needs, Industry Trends):
  • 精密鍛件用鋼 (Precision Forging Steel)
  • 高值手工具鋼 (High-value Hand Tool Steel)
  • 高功能結構鋼 (High-Function Structural Steel)
  • 綠色能源及家電用鋼 (Green Energy and Home Appliance Steel)
  • 尖端超強韌鋼 (Advanced Ultra-High Strength Steel)
  • 先進合金碳鋼 (Advanced Alloy Carbon Steel)
  • 跨世代車用鋼 (Next-Generation Automotive Steel)
  • 超能效電磁鋼 (Ultra-Efficient Electrical Steel)
• 精緻鋼品銷售目標 (Refined Steel Product Sales Targets) (精緻鋼品銷售量/成品銷售量 - Refined Steel Product Sales Volume/Finished Product Sales Volume) | 年份 (Year) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | | :---------- | :--- | :---- | :---- | :---- | :---- | :---- | | 精緻鋼品占比 (Refined Steel Product Share) | 11.8% | 13.5% | 15.2% | 16.9% | 18.6% | 20.3% | | 精緻鋼品量(萬噸) (Refined Steel Product Volume (10,000 tons)) | 87.4 | 101.9 | 116.9 | 132.2 | 144.0 | 159.0 |
• 2025年Q1精緻鋼品銷售表現 (2025 Q1 Refined Steel Product Sales Performance):
  • 銷售量22.5萬噸,銷售量占比13.2%,營收占比19.9%,毛利占比76.0%。(Sales volume was 225,000 tons, accounting for 13.2% of total sales volume, 19.9% of revenue, and 76.0% of gross profit.)
  • 顯示精緻鋼品的高技術含量及應用價值,可提升公司獲利及客戶黏著度,更能對抗景氣波動。(This demonstrates the high technical content and application value of refined steel products, which can enhance the company's profitability and customer loyalty, and better withstand economic fluctuations.)

精緻鋼品實績 (Refined Steel Product Achievements)

• 高功能結構鋼 (High-Function Structural Steel)
  • 銷售量 (Sales Volume): 2025年Q1銷售續增 (Sales continue to increase in Q1 2025).
  • 市場動態 (Market Dynamics):
    • 台商回台投資與台灣經濟成長帶動,2025年Q1銷量較去年同期成長66%。(Driven by Taiwanese businesses returning to Taiwan and Taiwan's economic growth, Q1 2025 sales increased by 66% compared to the same period last year.)
    • 既有建案、建廠延續,然新案因國內打房與川普2.0滋擾,展望謹慎樂觀。(Existing construction projects and factory expansions continue, but new projects face caution due to domestic housing policies and Trump 2.0 disturbances, leading to a cautious but optimistic outlook.)
  • SM570系列 (SM570 Series):
    • 2025年Q1銷量6.5萬噸,較去年同期增加2.5萬噸。(Q1 2025 sales were 65,000 tons, an increase of 25,000 tons compared to the same period last year.)
    • 受惠近年台灣鋼構市場用鋼需求佳,加上民眾耐震安全意識大幅提升,中鋼SM570系列鋼種訂單顯著成長。(Benefiting from strong demand for steel in Taiwan's steel structure market in recent years, coupled with a significant increase in public awareness of earthquake resistance, orders for CSC's SM570 series steel grades have grown significantly.)
    • 目前鋼構業者訂單能見度持續至2025年末,預期整體需求仍有支撐。惟政府部門對今明兩年經濟展望轉向保守,加上央行打房力度續增,展望2025年接單,將力求與2024年實績相當。(Current order visibility for steel structure manufacturers extends to the end of 2025, with overall demand expected to remain supported. However, as government departments turn conservative on the economic outlook for the next two years, and the central bank continues to intensify housing market controls, the outlook for 2025 orders will strive to match 2024 performance.)
• 超能效電磁鋼 (Ultra-Efficient Electrical Steel)
  • 銷售量 (Sales Volume): (Chart shows sales volume trend)
  • 市場動態 (Market Dynamics):
    • 電動車仍為未來產業趨勢,目前新車廠驗證陸續進行與通過,訂單持續放量中。(Electric vehicles remain a future industry trend, with new car manufacturers' validations progressing and orders continuously increasing.)
    • 節能家電熱銷,然川普2.0影響美國電動車大廠採購,上半年展望謹慎樂觀。(Energy-efficient home appliances are selling well, but Trump 2.0 affects US EV manufacturers' procurement, leading to a cautious but optimistic outlook for the first half of the year.)

深化用鋼產業升級 (Deepen Steel-Using Industry Upgrading)

• 推動工業4.0 (Promote Industry 4.0)
  • 建構產業雲 (Build Industry Cloud): 提升產業聚落跨廠產銷的協同營運效率。(Enhance collaborative operational efficiency across factories and sales within industrial clusters.)
  • 導入AI技術 (Introduce AI Technology): 提升智慧製造、智能產銷能力。(Enhance smart manufacturing and intelligent production/sales capabilities.)
• 深耕核心技術 (Deeply Cultivate Core Technologies)
  • 整合產官學研資源,執行產學大聯盟、前瞻技術產學合作等計劃,如發展適合台灣的低碳冶煉技術、推進成大馬達中心(RSC)發展無人機與高階電動載具之馬達開發。(Integrate industry-government-academia resources, implement industry-academia alliances and advanced technology industry-academia cooperation projects, such as developing low-carbon smelting technology suitable for Taiwan, and promoting NCKU Motor Center (RSC) to develop motors for drones and high-end electric vehicles.)
• 上下游協同研發 (Upstream and Downstream Collaborative R&D)
  • 建立聯合實驗室,進行材料至終端製品整合研發,提升產業鏈創新效能,如開發手工具數位輔助設計系統、汽車一體式門環熱衝壓技術,創造客我雙贏。(Establish joint laboratories for integrated R&D from materials to end products, enhancing innovation efficiency across the industry chain, such as developing digital-assisted design systems for hand tools and integrated hot stamping technology for automotive door rings, creating a win-win for customers and the company.)
• 用鋼產業升級 (Steel-Using Industry Upgrading)
  • 擴大推動用鋼產業升級工作,透過籌組研發聯盟、申請科專投入共同研發,達到產業升級需求目標。(Expand the promotion of steel-using industry upgrading, achieve industry upgrading goals by forming R&D alliances and applying for government-funded R&D projects for collaborative research.)
• 總體目標 (Overall Goal): 整合產官學研資源,推動供應鏈轉型,為精緻鋼品創造需求及產業應用效益。(Integrate industry-government-academia resources, promote supply chain transformation, create demand for refined steel products, and generate industrial application benefits.)

深耕綠色產業-2025年風場正式營運 (Deeply Cultivate Green Industries - 2025 Wind Farm Officially Operational)

• 中鋼持股 (CSC Shareholding): 51% (哥本哈根基礎建設基金49% - Copenhagen Infrastructure Partners 49%)
• 總投資額 (Total Investment): 約新台幣550億元 (Approx. NTD 55 billion)
• 發電量(預估) (Estimated Power Generation): 11億度/年 (1.1 billion kWh/year)
• 公司名稱 (Company Name): CHINA STEEL POWER CORPORATION 中能發電股份有限公司 (China Steel Power Generation Co., Ltd.)
• 營運情形 (Operational Status):
  • 去(2024)年8月已完成所有31座風力發電機安裝,發電情形大致良好。(By August 2024, all 31 wind turbines were installed, and power generation has been generally good.)
  • 已於今(2025)年4月底通過能源署審查,獲核發電業執照,於5月正式邁入商業運轉。(By the end of April 2025, it passed the Energy Administration's review, obtained the power generation license, and officially entered commercial operation in May.)

深耕綠色產業-太陽光電 (Deeply Cultivate Green Industries - Solar PV)

• 中鋼集團持股 (CSC Group Shareholding): 100% (中鋼55% 中碳15% 中宇20% 中龍10%) (CSC 55%, China Carbon 15%, Chung Yu 20%, Dragon Steel 10%)
• 資本額 (Capital): 新台幣17.44億元 (NTD 1.744 billion)
• 累積裝置容量 (Cumulative Installed Capacity): 101.0MW (至2025年5月 - as of May 2025)
• 公司名稱 (Company Name): CSC SOLAR 中鋼光能 (CSC Solar)
• 營運實績 (Operational Achievements):
  • 綠電發電量6.99億度 (Green power generation 699 million kWh)
  • 減碳量約34.8萬噸 (Carbon reduction approx. 348,000 tons)
  • 售電收入32.9億元 (Electricity sales revenue NTD 3.29 billion)
  • 高雄中央公園1,988座CO₂年吸收量 (Kaohsiung Central Park 1,988 CO₂ absorption per year)
  • 實際裝置容量與發電量 (Actual Installed Capacity and Power Generation): | 年度 (Year) | 2017~2022 | 2023 | 2024 | 2025 | 合計 (Total) | | :---------- | :-------- | :--- | :--- | :---- | :----------- | | 實際裝置容量(MW) (Actual Installed Capacity (MW)) | 92.4 | 5.5 | 2.7 | 0.4(5月) | 101.0 | | 發電量(億度) (Power Generation (100 million kWh)) | 4.35 | 1.05 | 1.11 | 0.48(5月) | 6.99 |
    • 註:以各年度台電電力排碳係數估算 (Note: Estimated using Taipower's carbon emission factors for each year)
• 未來發展 (Future Development):
  • 每年建置23MW,2025年階段目標100MW已提早於2024年達成,期許2033年前達成120 MW之總設置規模。(Install 23MW annually. The 2025 target of 100MW was achieved ahead of schedule in 2024, aiming for a total installed capacity of 120MW by 2033.)
  • 配合再生能源發展條例用電大戶條款及地方自治綠建築條例,持續開拓集團內外產業鏈之屋頂型太陽光電案場。(In line with the Renewable Energy Development Act's large electricity consumer clause and local green building regulations, continue to develop rooftop solar PV projects within and outside the group's industrial chain.)
  • 已取得再生能源發電業執照(累積63.5MW),可逐步提升集團公司再生能源之使用比例,2024年集團使用之綠電達6,149萬度以上,共可取得61,490張以上之綠電憑證。(Has obtained renewable energy generation licenses (cumulative 63.5MW), can gradually increase the proportion of renewable energy used by group companies. In 2024, the group used over 61.49 million kWh of green electricity, obtaining over 61,490 green electricity certificates.)

減碳路徑規劃 (Decarbonization Roadmap Planning) (以2018年為基準(範疇1+2) - Based on 2018 (Scope 1+2))

• 減碳目標 (Decarbonization Targets):
  • 2025年: 減排7% (Reduce by 7%)
  • 2030年: 減排25% (Reduce by 25%)
  • 2050年: 碳中和 (Carbon Neutrality)
• 終極路徑 (Ultimate Path): 綠電+以氫代碳+CCUS (Green Electricity + Hydrogen Instead of Carbon + Carbon Capture, Utilization, and Storage)
• 外部配合條件 (External Supporting Conditions): 綠電 (Green Electricity), 綠氫 (Green Hydrogen)
• 主要製程與技術 (Key Processes & Technologies):
  • 高爐轉爐製程 (Blast Furnace-BOF Process): 燒結工場 (Sintering Plant), 煉焦爐 (Coke Oven), 高爐 (Blast Furnace), 轉爐 (BOF), 連鑄 (Continuous Casting), 軋延製程 (Rolling Process). Involves adding 低碳鐵源 (Low Carbon Iron Source), and outputs include COG, BFG, LDG, CO, CO₂, and 鋼化聯產 (Steel-chemical co-production) (Acetic Acid, Methanol, EVA). Supported by 電力化/無碳燃料 (Electrification/Carbon-free Fuel) and 動力工場 (Power Plant).
  • 直接還原製程 (Direct Reduction Process): 氫基直接還原煉鐵 (Hydrogen-based Direct Reduction Ironmaking) producing HBI (Hot Briquetted Iron) and DRI (Direct Reduced Iron), followed by EAF (Electric Arc Furnace).
  • 碳捕捉封存 (Carbon Capture and Storage): CO₂ 碳捕捉封存 (CO₂ Carbon Capture and Storage) -> CCS.
• 挑戰 (Challenges): 中長程策略欠缺成熟技術、綠氫資源、需設備改造,將面對技術、資源、資金三大挑戰。(Mid-to-long term strategies lack mature technologies, green hydrogen resources, and require equipment modification, facing three major challenges: technology, resources, and capital.)
• 發展方向 (Development Direction): 中鋼正開發氫能的冶煉製程。發展初期將以天然氣為氫源,注入高爐,取代部分碳,以減少高爐煉鐵製程的CO2排放。(CSC is developing hydrogen-based steelmaking processes. In the initial phase, natural gas will be used as a hydrogen source, injected into blast furnaces to replace some carbon, reducing CO2 emissions from the blast furnace ironmaking process.)

高再生比鋼品持續成長 (High Recycled Content Steel Products Continue to Grow)

• 產品名稱 (Product Names): RC12 (Recycled Content 12%), RC20 (Recycled Content 20%)
  • 銷售量 (Sales Volume): Both RC12 and RC20 show continued sales growth in 2025 Q1.
  • 分析 (Analysis): 廢鋼含量12%及20%鋼材銷售量大幅增長 (Sales of steel with 12% and 20% scrap content increased significantly).
• 技術與認證 (Technology & Certification):
  • 積極開發高再生比鋼材,2021年取得UL2809 RC12(廢鋼比12%以上)驗證,接續取得RC 20 驗證,獲多家科技大廠導入使用,應用於電腦、伺服器及顯示器背板等。(Actively developing high recycled content steel. Obtained UL2809 RC12 (over 12% scrap content) certification in 2021, followed by RC 20 certification, adopted by several major tech manufacturers for applications in computers, servers, and display backplanes.)
  • 2024年結合子公司中龍,以電爐添加鐵水短流程方法,冶煉出廢鋼比60%以上鋼品,並取得UL2809 RC60驗證,將持續開發更高再生比鋼材。(In 2024, collaborated with subsidiary Dragon Steel to produce steel with over 60% scrap content using EAF with hot metal short-process method, obtaining UL2809 RC60 certification. Will continue to develop higher recycled content steel.)
  • 高再生比鋼品(RC30)規劃往IF鋼開發,2025年已取得鍍鋅產品UL2809 RC30驗證。(High recycled content steel (RC30) is planned for IF steel development, and galvanized products have obtained UL2809 RC30 certification in 2025.)

ESG獲獎實績 (ESG Award Achievements)

• 2025年 (2025):
  • 2025.05: 入選標普全球「2025年標普全球永續年鑑」Top 1%,並榮獲「產業進步獎」(Selected for S&P Global "The Sustainability Yearbook 2025" Top 1%, and awarded "Industry Mover")
  • 2025.04: 連續2年榮獲CDP「氣候變遷領域」領導(A-)等級;並首次於「水安全領域」取得領導(A-)等級(Awarded CDP "Climate Change" Leadership (A-) for 2 consecutive years; and for the first time achieved "Water Security" Leadership (A-))
• 2024年 (2024):
  • 2024.12: 入選2024道瓊永續指數「世界指數」及「新興市場指數」成分股,並榮登全球鋼鐵業第一名(Selected as a constituent of the Dow Jones Sustainability Index (DJSI) "World Index" and "Emerging Markets Index" in 2024, and ranked first in the global steel industry)
  • 2024.12: 榮獲TAISE 2024「台灣十大永續典範企業獎」(Awarded TAISE 2024 "Top Ten Sustainable Model Enterprises in Taiwan")
  • 2024.11: 連續14年榮獲經濟部產業發展署「產業溫室氣體自願減量績優廠商」(Awarded "Excellent Manufacturer for Voluntary Greenhouse Gas Reduction in Industry" by the Ministry of Economic Affairs, Industrial Development Bureau for 14 consecutive years)
  • 2024.11: 榮獲BSI英國標準協會「ESG永續發展領航獎」(Awarded BSI "ESG Sustainable Development Pioneer Award")
  • 2024.11: 榮獲TAISE 2024台灣企業永續獎「氣候領袖獎」、「水資源管理領袖獎」、「循環經濟領袖獎」、「創新成長領袖獎」、「人才發展領袖獎」、「永續供應鏈領袖獎」、「高齡友善領袖獎」及全球企業永續獎「永續報告獎銀級」等8項大獎(Awarded TAISE 2024 Taiwan Corporate Sustainability Awards for 8 categories: "Climate Leadership Award", "Water Resources Management Leadership Award", "Circular Economy Leadership Award", "Innovation Growth Leadership Award", "Talent Development Leadership Award", "Talent Development Leadership Award", "Sustainable Supply Chain Leadership Award", "Age-Friendly Leadership Award", and "Global Corporate Sustainability Awards - Silver Class for Sustainability Reports")
  • 2024.10: 財團法人二十一世紀基金會2024「淨零產業競爭力獎」特優獎(Awarded "Net Zero Industry Competitiveness Award" by the 21st Century Foundation in 2024 - Special Excellence Award)
  • 2024.08: 以數位轉型等永續行動專案榮獲台灣永續行動獎1金2銅佳績(Achieved 1 Gold and 2 Bronze awards in Taiwan Sustainable Action Awards for digital transformation and other sustainable action projects)
  • 2024.04: 榮獲世界鋼鐵協會「永續發展優勝企業」獎項(Awarded "Sustainability Champion" by World Steel Association)

04 附錄 (Appendix)

公司簡介-營運概況 (Company Profile - Operational Overview)

• 公司概況 (Company Overview):
  • 台灣最大一貫作業鋼鐵公司,集團粗鋼年產能近1,600萬噸 (Taiwan's largest integrated steel company, group crude steel annual production capacity nearly 16 million tons)
    • 中鋼四支高爐約990萬噸 (CSC's four blast furnaces approx. 9.9 million tons)
    • 中龍電爐及一、二號高爐約600萬噸 (Dragon Steel's EAF and two blast furnaces approx. 6 million tons)
  • 國內產品市佔率逾百分之五十 (Domestic product market share over 50%)
  • 推展精緻鋼廠及綠能產業,提升高品級、高獲利鋼品比例 (Promote refined steel mills and green energy industries, increase the proportion of high-grade, high-profit steel products)
• 中鋼集團國內市佔率(2025.Q1) (CSC Group Domestic Market Share (2025.Q1)):
  • 熱浸鍍鋅 (Hot-dip galvanized): 中鋼 30%, 中龍 49%, 中鴻 65%
  • 棒線 (Bar & Wire Rod): 中鋼 55%, 中龍 8%, 中鴻 20%
  • 電鍍鋅 (Electro-galvanized): 中鋼 51%
  • 鋼板 (Plate): 中鋼 47%
  • 冷軋 (Cold Rolled): 中鋼 30%
  • 熱軋 (Hot Rolled): 中鋼 70%
  • 電磁鋼片 (Electrical Steel Sheet): 中鋼 30%
• 事業群 (Business Groups):
  • 鋼鐵事業 (Steel Business): 中鋼 (CSC), 中鴻 (Chung Hung Steel), 中龍 (Dragon Steel), 中鋼馬來西亞 (CSC Steel Malaysia), 中鋼日鐵越南 (CSVC), 中鋼印度 (CSCI)
  • 工程事業 (Engineering Business): 中鋼結構 (CSC Structure), 中宇環保工程 (Chung Yu Environmental Engineering), 中鋼機械 (CSC Machinery), 中冠資訊 (CSC Information)
  • 工業材料 (Industrial Materials): 中鋼碳素化學 (CSC Carbon), 中聯資源 (CSC Resources), 中鋼鋁業 (CSC Aluminum), 高科磁技 (Kaohsiung Advanced Materials Technology)
  • 物流投資 (Logistics & Investment): 中鋼運通 (CSC Logistics), 中貿國際 (CSC International), 中盈投資開發 (Chung Ying Investment Development), 中鋼保全 (CSC Security), 中欣開發 (Chung Hsin Development)
  • 綠能事業 (Green Energy Business): 興達海基 (Sing Da Marine Structure), 中鋼光能 (CSC Solar), 中能發電 (China Steel Power Corporation), 高雄捷運 (Kaohsiung Rapid Transit)

公司簡介-海外生產基地及銷售通路布局 (Company Profile - Overseas Production Bases and Sales Channel Layout)

• 策略 (Strategy): 生產基地及通路之南向延伸,以突破台灣面臨之關稅障礙 (Extension of production bases and channels to the South, to break through tariff barriers faced by Taiwan)
• 海外據點 (Overseas Locations):
  • 中國大陸 (Mainland China):
    • 攀中伊紅金屬製品(重慶)有限公司 (Panzhong Yihong Metal Products (Chongqing) Co., Ltd.)
    • 丸一金屬製品(佛山)有限公司 (Maruichi Metal Products (Foshan) Co., Ltd.)
    • 青島中鋼精密金屬有限公司 (Qingdao CSC Precision Metal Co., Ltd.)
    • 昆山綜貿金屬工業有限公司 (Kunshan Zongmao Metal Industry Co., Ltd.)
  • 義大利 (Italy): Ardemagni SpA
  • 泰國 (Thailand):
    • Nippon Steel Thai Sumilox Co., Ltd.
    • TSK Steel Co., Ltd.
    • NST Coil Center (Thailand) Ltd.
  • 越南 (Vietnam):
    • Hanoi Steel Center Co., Ltd.
    • CSGT Metals Vietnam Joint Stock Company
    • China Steel and Nippon Steel Vietnam Joint Stock Company (CSVC)
      • 中鋼持有56%股權 (CSC holds 56% equity)
      • 年產能:120萬噸 (Annual capacity: 1.2 million tons)
        • 冷軋 (Cold Rolled): 50萬噸 (0.5 million tons)
        • 熱浸鍍鋅 (Hot-dip galvanized): 30萬噸 (0.3 million tons)
        • 電磁鋼片 (Electrical Steel Sheet): 20萬噸 (0.2 million tons)
        • 酸洗塗油鋼捲 (Pickled and Oiled Coil): 20萬噸 (0.2 million tons)
  • 印度 (India):
    • CSCI Steel Corporation India Pvt. Ltd. (CSCI)
      • 中鋼持有100%股權 (CSC holds 100% equity)
      • 年產能: 電磁鋼片20萬噸 (Annual capacity: electrical steel sheet 0.2 million tons)
  • 馬來西亞 (Malaysia):
    • CSC Steel Sdn. Bhd.
      • 中鋼持有其母公司CSHB 46%股權 (CSC holds 46% equity in its parent company CSHB)
      • 年產能: 冷軋48萬噸 (Annual capacity: cold rolled 0.48 million tons)
        • 冷軋鋼捲 (Cold Rolled Coil): 24萬噸 (0.24 million tons) (含酸洗塗油鋼捲 - including pickled and oiled coil)
        • 熱浸鍍鋅 (Hot-dip galvanized): 17萬噸 (0.17 million tons)
        • 彩色鋼片 (Color Coated Steel Sheet): 7萬噸 (0.07 million tons)
• 備註 (Note): 中鋼子公司中貿與區域鋼鐵同業及下游客戶在海外共同投資裁剪廠 (CSC's subsidiary CSC International and regional steel industry peers and downstream customers jointly invest in overseas slitting centers).

部門收入與營運結果 (Segment Revenue and Operating Results) (單位:新台幣仟元 - Unit: NTD Thousand)